Ramsdens Holdings PLC Trading Update (9013U)
April 09 2021 - 1:00AM
UK Regulatory
TIDMRFX
RNS Number : 9013U
Ramsdens Holdings PLC
09 April 2021
Ramsdens Holdings PLC
("Ramsdens" or the "Group")
Trading Update
Resilient H1 performance against challenging market
conditions
Ramsdens Holdings PLC, the diversified financial services
provider and retailer, announces a pre-close trading update for the
six months ended 31 March 2021 (the "Period").
The Group delivered a resilient performance during the Period.
The stronger restrictions imposed since we last updated the market
in December 2020 significantly reduced high street footfall and the
additional international travel restrictions further weakened
demand for foreign currency exchange.
Against this backdrop, the Group maintained a prudent approach
to controlling costs and protecting resources, whilst operating
almost 90% of the Ramsdens store estate in a COVID-secure way to
safeguard staff and customers. We have continued to invest in our
online jewellery retail proposition, where revenue has more than
doubled year on year.
As a result of these dynamics, the Board anticipates reporting a
small loss for the Period but still traded cash positively.
The Group's balance sheet and liquidity remains strong with cash
of approximately GBP15m at the Period end and an undrawn revolving
credit facility of GBP10m.
Peter Kenyon, CEO of Ramsdens commented:
"We are pleased with the Group's resilient performance despite
the ongoing difficult trading conditions - testament to the
strengths of Ramsdens' diversified business model.
We are encouraged by the vaccine roll out, the expected
re-opening of non-essential retail in England next week and the
most recent UK Government announcements on international leisure
travel as 'sticking to the road map'. Whilst the lack of current
detail regarding certain country restrictions and quarantine
conditions means we are unable to provide guidance for this
summer's FX trading, we do believe there is significant underlying
consumer demand for international summer travel which is
encouraging.
Subject to no changes to the expected easing of social
restrictions, we believe that our next financial year should see
more normal trading patterns return and therefore anticipate
opening new stores over the next six months as part of our
long-term growth strategy.
I would like to take this opportunity to thank the Ramsdens team
for their continued dedication to serving our local communities
throughout the pandemic."
Enquiries:
Ramsdens Holdings PLC Tel: +44 (0) 1642 579957
Peter Kenyon, CEO
Martin Clyburn, CFO
Liberum Capital Limited (Nominated Adviser) Tel: +44 (0) 20 3100 2000
Richard Crawley
Lauren Kettle
Hudson Sandler (Financial PR) Tel: +44 (0) 20 7796 4133
Alex Brennan
Lucy Wollam
About Ramsdens
Ramsdens is a growing, diversified, financial services provider
and retailer, operating in the four core business segments of
foreign currency exchange, pawnbroking loans, precious metals
buying and selling and retailing of second hand and new jewellery.
Ramsdens does not offer unsecured high cost short term credit.
Headquartered in Middlesbrough, the Group operates from 156
stores within the UK (including 3 franchised stores) and has a
growing online presence.
Ramsdens is fully FCA authorised for its pawnbroking and credit
broking activities.
www.ramsdensplc.com
www.ramsdensforcash.co.uk
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END
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